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July 2015 Interviews

Dr. Paul Craig Roberts

July 29, 2015 - Fed Most Certainly Will Not Raise Interest Rates - Former Assistant Treasury Secretary Dr. Paul Craig Roberts contends all talk of the Fed raising interest rates this fall is totally wrong. Roberts explains, “They most certainly are not going to raise them because they’ve spent seven years keeping them at zero. In fact, inflation aside, there are already negative interest rates. . . . So, they are most certainly not going to raise interest rates because if they raise the rates, they will destroy all their efforts to keep the big banks afloat. They also would destroy the stock market. What we have seen all these years is every time the market needs to correct, the Plunge Protection Team steps in and buys the Standard and Poor’s futures and drives the market back up. So, what would cause the Plunge Protection Team and the Federal Reserve to all of a sudden jettison the policies they have been following all these years to save the big banks, to save the stock market and to keep the aura of success alive in America?”

July 22, 2015 - Take More Cash Out of Markets and Banks - Best-selling author Nomi Prins says the only thing propping up the system is money printing. The tip of the iceberg was the Greek debt crisis. Prins says, “Before it happened, there was a lot of concern at the central bank level. That wasn’t really discussed very much in the press, but I believe behind the scenes there were a lot of fearful conversations about the financial system, not just the relationship of the euro and Greece politically, which was a part of it, but you don’t want any chips to fall off your table. Anything could open the door for a run on liquidity (cash), which is also why I talk about what individuals should do more and more now is try to preserve their own liquidity and to take more cash out of the markets or out of banks, to just have on the side before this period of volatility, before we have the actual crash."

July 19, 2015 - Central Bank Warfare Model Wearing Thin - Investment banker Catherine Austin Fitts says the world is getting tired of what she calls “disaster capitalism.” What does she mean? Look no further than Greece as Fitts explains,“Greece essentially looks to me like disaster capitalism.You are trying to get another positive return by liquidation, but the reality is if you liquidated the global economy, you are not going to get a positive return." Fitts says what you are really seeing is change of attitude from around the planet on how to grow the economy. Fitts explains, “What is beginning to happen is the feedback loop is coming back around, and it’s coming in from the BRIC nations. It’s coming in from the Greek people, and what they are saying is we need an economy that produces wealth if we’re going to get anything done."Fitts goes on to say, “The central banking warfare model is wearing thin. There are three things you can do: You can have war, you can have depopulation or you can have change. The voice you are hearing coming back from the BRICS, and the Greek people is let’s try change."

July 16, 2015 - Popescu Report - China Official Gold Reserves Update - In this special Popescu Report, investment analyst and specialist in precious metals, Dan Popescu provides a timely review of the announcement from the Government of China of its gold reserves and the impact it will have on the markets. The last time China made public it's gold reserves was in 2009 and they usually announce every five years. It was therefore expected that an announcement would come by the fall but it was made earlier than anticipated. Mr. Popescu feels that this was intentional given the upcoming review for Special Drawing Rights (SDR) by the IMF this fall. Popescu reviews the step by step process being implemented by the Chinese for this critical review.

July 14, 2015 - Greek Debt Deal a Financial Coup - Macroeconomic analyst Rob Kirby thinks that everybody should take notice of what is happening with the Greek debt crisis drama. Kirby contends, “What has occurred in Greece, make no mistake, it is a financial coup. It is not a bailout. It’s a takeover by force. The leader of Greece has obviously been told, and effectively has a gun to his head, the way it’s going to be. The Greek people voted for what they want, and we know what the Greek people’s wishes are, and they don’t want more austerity. They want to divorce themselves from the IMF and the European Central Bank (ECB). The rest of Europe should sit up and take note of this because there are other countries whose finances are also not in good shape, namely, Portugal, Spain, France and Italy. If global bankers are allowed to get away with this, then this is what you can expect in your country real soon.”

July 13, 2015 - Policy Extremes Maintain Illusion of Stability - Financial writer and book author Charles Hugh Smith thinks the big unfolding trend is a global economy that is not being allowed to correct. Smith contends, “Interest rates should rise, and what we are seeing is financial repression. Instead of letting the market decide what the price of risk should be, central banks have pushed it to zero. It doesn’t seem to be working. It’s not fixing what is broken, and that is the unfolding trend. All these things that central banks and authorities are doing are creating more problems.” Smith goes on to say, “There are so many vested interests in sustaining the illusion of stability.The trend we are really describing here is the extremes of policy that are being done to maintain the surface illusion of stability are guaranteeing it is going to blow. . . . Once you have extremes, the risk and volatility rise and explode. That’s just the way systems work. That’s just what history shows us.”

July 8, 2015 - Financial commentator and trader Karl Denninger says what is going on in the Greek debt crisis is really a global problem. Denninger explains, “All of these countries have engaged in the same lie. They have all engaged in the same fundamental fraud, which is you can spend more than you take in on a permanent basis. It is the same fraud that is going on here in the United States. We just haven’t gotten hammered with it –yet, but we will. This is a fraud. The people who did this need to go to prison. There is no way to undo that Gordian knot, other than to say we can’t pay it. We never could pay it. You were lied to, and by the way, the people who participated in the lending were active participants in a crime.” Denninger also predicts that the next financial calamity is on the way and guaranteed to be much bigger than the 2008 meltdown, and explains, “In 2000, for us to bring the economy back into balance, we needed a 10% contraction in GDP top to bottom. In 2007, I ranthe same calculations, and the number was closer to 20%. It is now approaching 40%."

July 6, 2015 - Gregory Mannarion of TradersChoice.net says the days of ever expanding debt are numbered. Mannarino contends, “The system is ending, and we are going to see a massive correction in bond yields. Debt is going to reprice itself to fair market value, and that is going to change the spectrum of every asset class because every asset class is based off of the bond market. The entire system is based on the premise that it will function on confidence. It’s a belief that the system will work. Once that confidence is shaken, then it’s party over, that’s it. So, we have confidence in the financial system now being shaken. We have the credibility of central banks being put on the line by the central bank of central bankers. Once the confidence is lost, it is party over and that is really what the issue is here with Greece." Mannarino goes on to say, “I think people are being distracted by the mainstream media saying this is just a Greek problem or this is just a Puerto Rico problem. This is a global problem. It is insurmountable. It can never be paid back in any possible way."

July 5, 2015 - Bill Holter is back to discuss the impending 'Global Margin Call' and when it might begin. We recorded this call on Friday, July 3rd, so we weren't privy to the outcome of the Greek referendum at the time of this call. So Sunday's news that the PEOPLE of Greece have said a resounding NO to IMF Banker servitude and endless austerity is most welcome news indeed. Although, from a global economic collapse perspective, from a derivatives bubble and credit default swaps and TBTF international banks perspective, today's vote may well ensure that a 'Global Margin Call' could commence at any moment. Bill goes on to explain , "The credit markets are the bedrock foundation to everything and they are in the biggest bubble in history, put together all of the credit bubbles from the past and this one is bigger. That is how big it is. The margin call from this bubble deflating, there is not even a possibility for it to be met because the money does not exist to meet it."

July 1, 2015 - Economist John Williams correctly predicted the first quarter GDP in 2015 would turn negative. What is his second quarter prediction for GDP? Williams says, “I am looking for an outright contraction in the second quarter as well. Two back to back negative quarters in the GDP (Gross Domestic Product) would be counted as a recession. GDP is very heavily bloated and inflated by all sorts of gimmicks. . . . In effect, we are seeing a weakening of the economy now that is dragging down these bloated numbers. I contend we never recovered from the collapse in 2008 and 2009. We have just been bottom bouncing. . . . It is beginning to turn down again. . . . Expectations for the second quarter will begin to sink.” What’s out of whack right now against reality is the strength of the dollar. We don’t have a booming economy. We don’t have a Fed that is going to happily raise rates, although they would like to. As the realization sinks in, the exchange rate of the dollar will start falling. Then, you will actually have a panic, and once that has happened, you will see a sharp upturn in headline inflation, and that will evolve eventually into hyperinflation. . . . A dollar panic is reflective of the problems here.”